NEW DELHI: Prestige Estates Projects has reported a dip of 53.32 per cent in its net consolidated profit during the quarter ended March 31, 2024. Its profit after tax stood at Rs 235.90 crore in Q4 FY24 as against Rs 505.40 crore it recorded in the corresponding quarter of the previous fiscal, the company said in a BSE filing.
The company’s net consolidated total income stood at Rs 2,232.50 crore in Q4 FY24, a dip of 24.01 per cent from Rs 2,938 crore it recorded in the similar quarter last year.
The board of directors recommended payment of final dividend @ 18 % (Rs.1.8 per share) on the equity shares of the company for the year ended March 31, 2024.
The board also approved issuance of non-convertible debentures for an aggregate amount up to Rs 2,000 crore on private placement basis subject to approval of shareholders.
During the year ended March 31, 2024:
a) the company has acquired, through its wholly-owned subsidiary, 51% shares in Dashanya Tech Parkz. Pursuant to this acquisition, the company hold 50% stake in Dashanya Tech Parkz on fully diluted basis.
b) the company has invested in Prestige Vaishnaoi Realty Ventures (formerly known as Sarveshvari Constructions) by way of capital contribution and has been admitted as partner in the Firm with 50% ownership and economic rights
c) the company has acquired, through its wholly-owned subsidiary, 48.07% shares in Techzone Technologies
d) the company has acquired, through its wholly-owned subsidiary, balance stake in Prestige (BKC) Realtors and Turf Estate Joint Venture LLP. Pursuant to this acquisition, the company hold 100% interest in these entities and 99.99% interest in Evergreen Industrial Estate (subsidiary of Turf Estate Joint Venture LLP), resulting in gain of control
e) the company has acquired additional 50% partnership interest in Prestige Realty Ventures. The company thus hold 99.90% interest in these entities, resulting in gain of control
